Oklahoma City Powers of Attorney Lawyer
What Is the Importance of Power of Attorney?
The power of attorney (“PoA”) allows you to give authority to handle your affairs to someone you trust if you ever got very sick. In the PoA, you are referred to as the “Principal” (the person granting powers to another).
The person to whom you, as Principal, give this power is called the “Agent” under Oklahoma law. That person is also sometime referred to by a misleading name: “attorney-in-fact”.
It is very important that the PoA be well thought-out and well written. Some people wrongly assume that the Principal can merely state in the PoA, effectively, “My Agent can do everything I can do for myself.”
Well, not only is that broad pronouncement of authority dangerously broad, it probably is unacceptable to many banks, insurance companies, government agencies, etc. Consequently, the attorneys at McBride & Associates will draft your PoA to fit your specific needs and circumstances, not merely grant blanket power to some other person.
Reach out to McBride & Associates, P.C. to draft your power of attorney today. Call (405) 896-3615 or contact us online now.
Incapacity & Incompetency
Your family will often face very serious problems if you are physically injured (incapacitated) or begin suffering a mental/emotional disability (incompetence). Sadly, the problems resulting from incapacity or incompetency are sometimes worse than those that would arise if that person died.
This is because if you were to die, your family can often settle your estate relatively fast. But, if you become incapacitated/incompetent, the problems persist for as long as you are sick. A long-term illness could result in problems that last for years.
What kind of problems? Well, your family, even your spouse, in most cases, cannot automatically take care of your financial affairs, or make certain medical decisions on your behalf. Many people wrongly assume that family members have authorities and powers that the law doesn’t actually provide.
For example, your spouse cannot sell/refinance your home (or any real estate, for that matter) if you are very sick, even if the title is held in both of your names. In fact, it’s because the house is in both your names that you must act together, and one spouse can’t act alone.
In order for the spouse to take most any action regarding the house, he or she must hire an attorney, go to court, and get appointed as Legal Guardian over the sick spouse
This problem also occurs regarding any other items solely in your name, such as:
- Stocks and other investments
- Retirement plans
- Life insurance
- And many others
What Is the Power of Attorney?
The power of attorney (“PoA”) allows you to give authority to handle your affairs to someone you trust if you ever got very sick. The person to whom you give this power has a misleading name: “attorney-in-fact”.
This name suggests that the person is a lawyer, which is usually not the case. In general, an “attorney” is someone appointed to act for another in business or legal matters.
In the PoA the attorney-in-fact need not be (and usually isn’t) an “attorney-at-law” (a lawyer). Instead, the attorney-in-fact (the “AiF”) takes care of certain tasks for another person (called the “principal”).
The principal makes the PoA and gives the AiF power to act on behalf of the principal. The AiF acts as sort of a stand-in for the Principal.
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Here are a few important points to remember:
- The Agent only has the specific powers provided in the PoA document.
- PoAs must be carefully written to comply with Oklahoma Law.
- PoAs stop working if the principal becomes incapacitated/incompetent unless it includes a special language.
- All PoA terminate when the principal dies.
- There are many types of PoAs. Some are short-lived, others are intended to last a lifetime.
Some deal only with business matters:
- Paying bills
- Filing tax returns, etc.
Others deal with personal matters such as medical decisions.
Get Started on Your Power of Attorney Today
In the world of estate planning, PoAs are absolutely crucial for meeting your needs. Sadly, many family members find out too late that their loved one tried to make a PoA, but did so incorrectly. Forms sold in kits or found on the internet are often painfully inadequate.
Avoid risking your family’s well-being – expend a little additional time and money and have this important estate planning tool prepared by one of our Oklahoma City estate planning lawyers today.
A well-drafted Power of Attorney or a Trust can help your family avoid expensive court proceedings and myriad other problems. Preparing these estate planning documents before you ever become sick will save your family enormous amounts of unnecessary stress, expended time, and not to mention money.
If a person is far too incapacitated or incompetent, it is not possible for that person to create a power of attorney or Trust. Many people wrongly believe that one of the family can obtain those documents from a lawyer on behalf of the sick person.
Unfortunately, that is not how it works – the sick person must be competent and physically-able to legally sign documents. A family member cannot just sign for them – that is not legally permissible.
What does a spouse or family member do if a loved one is already very sick? First, don’t panic, there are likely solutions. Secondly, visit with one of our attorneys to learn about all of your options.
It may be appropriate for one of the family to seek appoint as the legally guardian for that incapacitated/incompetent individual. The Guardian would receive the power from a Court to take care of that person’s affairs.
As you can see, it is very important to set up your Power of Attorney or Trust (usually both!) well before you become injured or very ill.
Contact us or call us at (405) 896-3615 today for a free consultation* with our Oklahoma City estate planning lawyers.
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